North America

Shipping data and sources indicate that oil tanker operators have made record profits this week after almost doubling the cost of hiring vessels to travel through the Strait of Hormuz or the wider Gulf region. This is due to the increasing demand for the waterway as it slowly begins to pick up. The strait's traffic has been relatively low since Iran lifted the effective blockade after agreeing on a 60-day truce with the U.S. last week. Meanwhile, talks are continuing to reach a permanent agreement to end the war. The number of vessels passing through Hormuz has dropped to a...

Shipping data revealed that four liquefied?gas tanks controlled by Qatar headed into the Strait of Hormuz despite a drop in?ship traffic following Iran's announcement over the weekend that the waterway had been closed again. Shiptracking data by analytics firm Kpler revealed that the tankers - Wadi Al Sadd, Mekaines Al Sadd, and Mesaimeer – entered the strait via Iran for the first since the U.S./Israeli war against Iran began. QatarEnergy's LNG exports, which have been severely curtailed since the beginning of the war on February 28, didn't immediately respond to an inquiry for comment. LSEG data shows that the dry...

The United States and Iran signed a ceasefire agreement on Friday, and Gulf producers are preparing to increase exports in spite of concerns about the conditions set by Tehran. Washington and Tehran have released the text for an interim agreement that was signed on Wednesday, to end the conflict. Donald Trump has warned that he will resume his attacks and "target Iranian officials" if the commitments made are not kept. MarineTraffic reports that at least four tankers with crude oil, oil products, and liquefied gas headed for Iraqi Gulf port entered the strait Friday. After being delayed by war, a...

Iran is also preparing to resume its exports and trade. This comes as U.S. president Donald Trump recently welcomed the return of oil from Gulf allies. Shipping data shows that at least three tankers, each carrying?some 5 million barrels of Iranian crude oil, have passed through the U.S. Naval Blockade in the past week. This is despite the U.S. Military saying it will continue its operations to block Iran-linked ships until Friday. The oil market is focused on the deal that Trump announced on 14 June and which will be signed in Switzerland on Friday. Trump posted on Sunday,?Sunday, that...

The U.S. Indo-Pacific Command announced on Friday that U.S. forces had seized the stateless sanctioned oil tanker Davina in the Indian Ocean overnight. Washington has placed a sea blockade against Iran, while Tehran has fired at ships to stop them from?sailing? through the Strait of Hormuz and entering the Middle East Gulf. In recent months, U.S. forces intercepted "multiple commercial and petroleum tankers" in the Indian Ocean. Indo-Pacific Command posted on X that "we will continue to enforce global maritime law to?disrupt illegal networks and 'interdict vessels providing materials support to Iran wherever they operate". According to data from ship...

The CEO of the world's largest ship recycler said that Dubai-based GMS won approval from the U.S. Government to scrap four containers ships which were subject to?Iran related sanctions. This could pave the way for Washington to reduce its shadow fleet?of?such vessels. The fact that hundreds of ships are not insured or complying with environmental safety standards has helped Iran and Russia to circumvent sanctions. They also pose a risk of fuel spills and oil leaks along busy sea routes. A mechanism approved for scrapping these vessels can be used to encourage their removal from circulation. This will reduce environmental...

Data showed that a Chinese-operated ship was "among the few" to cross the Strait 'Hormuz? in the last 24 hours. This comes as the uncertainty about reopening this critical waterway grows, with the talks between the U.S.A. and Iran at a standstill. Prior to the start of the war against Iran on February 28, the average daily shipping through the strait was 125-140 passages. As a result of the conflict, 20,000 sailors are still stranded on hundreds of ships in the?Gulf. According to an analysis based on ship tracking data, there were 10 ships per day that entered and left...

The crew of the tanker gathered courage and navigated carefully along the route designated by Iran. They hugged the coast and manoeuvred their massive vessel between island checkpoints in the Strait of Hormuz. Agios Fanourios 1, a 330 metre long vessel, loaded with Iraqi crude and bound for Vietnam had been bottle-?up near the coast of Dubai, since late April. On May 10, the tanker set out for the Strait of Hormuz after an agreement with Iran, overseen by Iraq’s Prime Minister. The Iranian orders to the tanker are part of the complex multi-tiered system that Iran has used for...

Zefyros's manager in Greece confirmed that the tanker was struck by a missile overnight during a ship-to -ship transfer. Benetech Shipping SA reported that the incident took place at Iraq's Umm Qasar Anchorage late Wednesday during a transfer of fuel cargo with the Safesea Vishnu Tanker. All 23 crew members have been accounted for and are safe. The 23 crew members were evacuated and brought to land, according to a statement. SOMO reported that the Safesea Vishnu had been chartered by a company in Iraq contracted with State Organization for the Marketing of Oil. The Zefyros, meanwhile, was loaded with...

According to analysis of ship tracking platforms such as 'Kpler' and 'Lloyd's List' Intelligence, a Greek-operated tanker sailed across the Strait of Hormuz on Monday with a cargo of Saudi Arabian crude oil and India listed as its destination. Hundreds of ships are anchored on both sides of the strait as the U.S. and Israel war against Iran continues. The oil and shipping markets are watching for any signs of increased sailings through this critical waterway, through which most of the world's crude oil passes. MarineTraffic data showed that the Shenlong Suezmax, a tanker with a 1 million-barrel capacity, had...

The leading shipping and labour groups have said that seafarers are entitled to refuse to sail on ships traversing the Middle East Gulf, which includes the Strait of Hormuz. This is because the threat level in the region has been raised to the highest level. As the U.S. war against Iran intensifies, around 300 ships are anchored both sides of the Strait. Nine ships have suffered damage since?February 28 and one seafarer has been killed. According to the International Bargaining Forum, a group of mariners, commercial shipping companies, and maritime unions, reached a negotiated agreement on Thursday. Seafarers can refuse...

The Lloyd's market in London is in contact with the United States. The International Development Finance Corporation of the U.S. government is negotiating with Lloyd's Market officials about a plan to provide political risk assurance and guarantees for maritime trade in the Gulf. Lloyd's engages constructively with U.S. Development Finance Corporation, and other relevant stakeholders. The market is focused on maintaining its position as the "global centre for excellence in war risk insurance." A Lloyd's spokesperson stated. Sheila Cameron, CEO of the Lloyd's Market Association (LMA), who represents all underwriting companies in the Lloyd's market, said in a separate statement...

Local officials reported that Ukrainian drones targeted energy infrastructure in central and southern Russia and the largest city in Russian-held Crimea. This highlights the'reach' of Kyiv’s attacks. Ukraine intensified its strikes against Russian oil refineries and depots this year, driving up the price of gasoline in Russia where authorities have restricted sales in certain regions. The fuel shortages in the Crimean peninsula have been especially acute since Russia's annexation of the peninsula in 2014. Sevastopol's newly-installed Russian governor has ordered the early closure of cafes, public transport, and street lights to protect Sevastopol from overnight attacks. He said that the...

By America Hernandez PARIS, June 23. CEO Patrick Pouyanne told an energy conference held in Paris that TotalEnergies must 'prioritise' the construction of pipelines to?export gas and oil?from the Middle East without having to send ships through the Strait of Hormuz. Pouyanne was asked to share his lessons learned over the past three-months of the Iran crisis, as Total is the major oil company most exposed to the Middle East. The Iran war has crippled the waterway that carries a fifth of the world’s oil to global markets. "The Strait of Hormuz is a real threat. We must act." "There...

The Prime Minister Donald Tusk announced on Tuesday that Poland will build a floating LNG terminal in Gdansk with a second regasification vessel. This is due to the overwhelming interest of shippers. "The commercial interest is large enough for the project to not require budget involvement," Tusk told reporters before a cabinet meeting in Warsaw. The two terminals in the Baltic, along with a portfolio of LNG contracts, will allow Poland to become a hub of fuel deliveries from the U.S. Gaz-System, the Polish gas pipeline operator, will be able to move forward with the project due to the interest...

Brian Jean, Alberta's Energy minister, said that the government is in discussions to export more crude oil?to Japan and reduce the country's dependence on the Middle?East. Jean stated that Alberta offered to fund the construction of an oil coker unit to allow one or more Japanese firms to process the heavy crude produced by Alberta's sands. Jean said that the province is also exploring if heavy Alberta crude can be blended with lighter synthetic oil in order to create a blend more suitable for Japanese refiners. Jean was in Japan for in-person discussions with Japanese government officials and company representatives...

Shareholders sued the board of Uber Technologies 'on Monday, accusing management and directors of allowing the ride-sharing firm to cut corners in compliance matters. This led to thousands of lawsuits by victims of sexual harassment and assault. Shareholders led by a Detroit pension fund filed a lawsuit in federal court in San Francisco alleging that board members ignored repeated internal and external warnings regarding Uber's alleged failure?to?address sex abuse by drivers?aswell as violations of the federal disability law. Uber's reputation was "irredeemably" damaged, according to the lawsuit. The board of directors were informed that less than 40% users believed?the company...

Freeport LNG’s export -plant in Texas is on track to 'take in more natural... gas on Sunday and on Monday 'after one of...its three liquefaction _trains _shut down on. Friday. According to a report from the company and data provided by financial firm LSEG. Freeport's liquefied gas export plant is closely watched by the global market because its shutdown and restart has caused huge price swings. U.S. Gas prices typically drop when Freeport shuts down because demand for fuel at the plant decreases. However, prices rise when the liquefaction train restarts in Freeport as the demand for fuel increases. This...

Authorities said that 54 people were injured and 18 others are missing following an explosion on Sunday at Qatar's main liquefied gas processing site, Ras Laffan. In a statement, QatarEnergy said that an incident occurred during the start-up operations of Ras Laffan industrial city which resulted in "an explosion and fire" at the Barzan gas supply facility Sunday evening. It said that emergency response teams had been deployed to control the fire. The fire was now under control. In a statement, the Interior Ministry of Qatar said that 54 people were injured and 18 people are missing. The ministry attributed...

On Thursday, the top U.S. Energy regulator ordered that?electric grid operators?review?rules?for connecting large energy consumers such as data centres. Demand from server warehouses is straining power grids. The demand for electricity is increasing in the United States, and data centers are driving the electricity usage to new records. Grids cannot supply the electricity needed by large swaths across the country. This has regulators scrambling to manage the surge. The Federal Energy Regulatory Commission draft orders "show cause" direct?the six region grids that fall under its jurisdiction (excluding Texas) to justify or revamp their?processes for powering large energy consumers. The FERC...

Tender documents show that Indian Oil Corporation, the nation's largest refiner, has issued tenders to charter vessels for the lifting of liquefied petroleum, gas and oil out of ports in the Strait of Hormuz. Documents show that the tenders are the first ones issued by IOC after the U.S. signed an interim agreement with Iran to end the war and reopen?waterway. They include chartering of a VLGC, a Suezmax tanker, and a VLCC. A VLCC carries about 2 million barrels. A Suezmax can carry about one million barrels. The document stated that IOC aims to?lift LPG from June 30 to...

Middle East oil producers will have to face the consequences. The Iran War exposed the dangers of relying solely on one chokepoint to export vital oil and natural gas. Gulf governments were left with a clear strategy imperative: diversify at all costs. A blockade of Strait of Hormuz by Iran was long viewed as an "event of doomsday". It would never occur. Experts believed it would take a massive military effort, and Tehran would not be willing to choke off its own exports. These assumptions proved to be wildly wrong. Iran used cheap drones, small vessels, and mines to impose...

Fatih Birol, the head of the International Energy Agency (IEA), welcomed on?Thursday the interim agreement that ended the?Iran War and?called for a reopening without conditions of the?Strait?of Hormuz. Birol said that several countries are reviewing their energy policies, as it is clear that the waterway may be closed again. Iran has already shut down the waterway during the war. Birol, speaking at an Istanbul event, said that the IEA would discuss new strategies with a number of countries, as the energy crisis has redrawn global maps. He added that "trust" was crucial in the global markets for energy, where prices...

The International Energy Agency reported on Wednesday that the United Arab Emirates could have a production of more than 5 million?bpd in 2015 as it moves to increase its output after?its 'exit from OPEC. This would make it a major contributor to non-OPEC+ growth. The UAE announced its decision to exit OPEC earlier this year. It was made in order to prioritise production capacity expansion, maximise the value of their resources and free output from the 'constraints' of the group quotas. The IEA has forecast that the total oil production in 2027 will reach 5.2 millions barrels per day, an...